Natural Gas Price Forecast – Natural Gas Markets Continue to Look Bullish

Natural Gas Price Forecast Video for 11.10.23

Natural Gas Technical Analysis

Natural gas markets have shown a proclivity to continue upward momentum, but we may be getting just a touch stretched at the moment. That being said, any short-term pullback is more likely than not going to be a nice buying opportunity, and I will not hesitate to take advantage of it, if and when it finally happens. The 200-Day EMA sits underneath, and of course will more likely than not attract a certain amount of attention.

If we were to break higher, then we will just continue the upward momentum in what is undoubtedly a strong cyclical trade. The market will continue to see a lot of noisy behavior, but I do think that sooner or later the cyclical trader will continue to push it higher. The $3.00 level underneath is a large, round, psychologically significant figure that a lot of people will be paying close attention to, so I do think that any pullback at this point in time will end up showing an opportunity to go higher. The 50-Day EMA sits just below there as well, and I think it should continue to offer support as well.

On the upside, the $4.00 level is the next target, but given enough time, the market is going to continue to go to the $5.00 level. In general, the colder temperatures will continue to drive the natural gas markets higher, and of course the lack of supply in the European Union could be a major issue as well. With all of this being said, I think you got a situation where the market is going to have to continue to assess all of the cross lenses, but at this time a year you typically have stronger natural gas pricing anyway.

If the market were to pull back from here, I am looking for opportunities to add to an existing long position. I have no interest in shorting natural gas, as the recent breakout has been the completion of a huge “rounded bottom”, a pattern that takes a lot of effort to complete, and therefore it typically means there is real accumulation going on underneath the hood.

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